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       4 Restrictionism or Deflationism

       5 Invariability of the Objective Exchange Value of Money as the Aim of Monetary Policy

       6 The Limits of Monetary Policy

       7 Excursus: The Concepts Inflation and Deflation

       Chapter 14 The Monetary Policy of Etatism

       1 The Monetary Theory of Etatism

       2 National Prestige and the Rate of Exchange

       3 The Regulation of Prices by Authoritative Decree

       4 The Balance-of-Payments Theory as a Basis of Currency Policy

       5 The Suppression of Speculation

       PART THREE MONEY AND BANKING

       Chapter 15 The Business of Banking

       1 Types of Banking Activity

       2 The Banks as Negotiators of Credit

       3 The Banks as Issuers of Fiduciary Media

       4 Deposits as the Origin of Circulation Credit

       5 The Granting of Circulation Credit

       6 Fiduciary Media and the Nature of Indirect Exchange

       Chapter 16 The Evolution of Fiduciary Media

       1 The Two Ways of Issuing Fiduciary Media

       2 Fiduciary Media and the Clearing System

       3 Fiduciary Media in Domestic Trade

       4 Fiduciary Media in International Trade

       Chapter 17 Fiduciary Media and the Demand for Money

       1 The Influence of Fiduciary Media on the Demand for Money in the Narrower Sense

       2 The Fluctuations in the Demand for Money

       3 The Elasticity of the System of Reciprocal Cancellation

       4 The Elasticity of a Credit Circulation Based on Bills, Especially on Commodity Bills

       5 The Significance of the Exclusive Employment of Bills as Cover for Fiduciary Media

       6 The Periodical Rise and Fall in the Extent to Which Bank Credit Is Requisitioned

       7 The Influence of Fiduciary Media on Fluctuations in the Objective Exchange Value of Money

       Chapter 18 The Redemption of Fiduciary Media

       1 The Necessity for Complete Equivalence Between Money and Money Substitutes

       2 The Return of Fiduciary Media to the Issuer on Account of Lack of Confidence on the Part of the Holders

       3 The Case Against the Issue of Fiduciary Media

       4 The Redemption Fund

       5 The So-called Banking Type of Cover for Fiduciary Media

       6 The Significance of Short-Term Cover

       7 The Security of the Investments of the Credit-issuing Banks

       8 Foreign Bills of Exchange as a Component of the Redemption Fund

       Chapter 19 Money, Credit, and Interest

       1 On the Nature of the Problem

       2 The Connection Between Variations in the Ratio Between the Stock of Money and the Demand for Money and Fluctuations in the Rate of Interest

       3 The Connection Between the Equilibrium Rate and the Money Rate of Interest

       4 The Influence of the Interest Policy of the Credit-issuing Banks on Production

       5 Credit and Economic Crises

       Chapter 20 Problems of Credit Policy

       (I) Prefatory Remark

       1 The Conflict of Credit Policies

       (II) Problems of Credit Policy Before the War

       2 Peel’s Act

       3 The Nature of Discount Policy

       4 The Gold-Premium Policy

       5 Systems Similar to the Gold-Premium Policy

       6 The Nonsatisfaction of the So-called Illegitimate Demand for Money

       7 Other Measures for Strengthening the Stock of Metal Held by the Central Banks-of-Issue

       8 The Promotion of Check and

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